Sandy Weill, the ex-chairman and chief executive of Citigroup, is considering backing a new wealth management boutique run by the bankâs former head of private banking, who was ousted three years ago by Weillâs successor Chuck Prince.

Peter Scaturro, who lost his job after Citigroup fell foul of Japanese regulators, returned to the financial markets a year later in 2005 as chief executive of US Trust, the wealth manager that is being acquired by Bank of America.

Scaturro will step down from his role at US Trust at the end of June and has held informal talks with Weill and private equity firms about securing financial backing to launch a boutique wealth manager catering for ultra-rich clients, according to the New York Post, which cited sources close to the situation.

Weill was chairman of Citigroup until April last year, when he handed the role on to Prince, who had earlier succeeded him as chief executive.

Weill, who last year outlined plans in a Citigroup brochure to give away his $1.4bn fortune before he dies in what he called a “deal I’ve made with God”, had been understood to be considering moving into private equity after his departure from the US group.

Scaturro was one of three executives who lost their jobs following Citigroup’s problems in Japan, where regulators ordered it to close its private banking arm in the wake of securities law violations, and in Europe, where a controversial series of European government bond trades drew criticism from rival banks and attracted the scrutiny of several financial regulators.